Published May 6, 2021, 6:00 AM
Aboitiz Equity Ventures, Inc. (AEV) reported that its Board of Directors has approved the extension of Sabin M. Aboitiz’s term as Group President and CEO by three years.
In a disclosure to the Philippine Stock Exchange, the firm said Aboitiz’s retirement will be moved to December 31, 2027 from the original scheduled retirement date of December 31, 2024.
“The board’s vote of confidence for Sabin comes as AEV and its business units are targeting recovery after the widespread economic disruption caused by the COVID-19 pandemic,” AEV said. Sabin M. Aboitiz
The Aboitiz Group posted a consolidated net income of P7.8 billion in the first quarter of 2021, a 276 percent increase from P2 billion from the same period in 2020.
BusinessWorld
May 6, 2021 | 12:07 am
ABOITIZ GROUP
THE board of directors of Aboitiz Equity Ventures, Inc. (AEV) has given the go signal to extend Sabin M. Aboitiz’s term as the listed holding company’s president and chief executive officer until Dec. 31, 2027.
Mr. Aboitiz was supposed to step down at the end of 2024.
“[He] has proven to be a leader who can steer us wisely and resolutely in the right direction, through turbulent waters toward a safe and prosperous harbour in the years to come,” Endika M. Aboitiz, chairman of AEV, said in a statement on Wednesday.
Succeeding his brother Erramon I. Aboitiz, the group’s current president ran the ship beginning Jan. 1 last year. He was lauded by the company for his “decisive leadership, innovative mind-set and ensuring business continuity amid the turbulent economic climate due to the pandemic.”